Intercontinental Real Estate Corporation Acquires Saratoga Downs Apartments, Napa, CA
Boston, MA February 6, 2015 – Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA announced the acquisition of Saratoga Downs Apartments in Napa, California. This acquisition was led by Jessica Levin, Director, Acquisitions and Allen Logue, Associate Director, Acquisitions.
Saratoga Downs Apartments is a Class A apartment community with 124 garden style apartments and 54 newly constructed townhomes. The Property is located conveniently off of Highway 29 with quick access to Highway 12, Interstate 80, and Highway 101, offering a short commute for residents working in both the Napa Valley and Greater San Francisco Bay Area. Community amenities include a new clubhouse, state-of-the-art fitness center, barbeque and picnic area, playground, gazebo, bocce ball courts, fire pit, lounge and outdoor kitchen. Units consists of one-, two-, three- and four-bedroom floorplans as well as detached townhome configurations. The apartments include in unit washer/dryer, balcony, granite countertops, walk-in closets, and garages or covered parking.
Jessica Levin, Director, Acquisitions commented, “Saratoga Downs presents an opportunity to invest in a Class A apartment and townhome community in the supply constrained Napa market. We believe the appealing unit mix featuring 54 larger recently constructed townhome units combined with the neighborhood’s strong demographic profile, nearby retail amenities and employment centers makes Saratoga Downs a great long term investment for our investors.”
Intercontinental acquired the property in a joint venture with Seattle-based Security Properties. According to Mark Hoyt, Senior Director of Investments at Security Properties, several factors prompted the pursuit of this asset.
“The North Bay has been a target market for several years as cap rates are higher and supply is restricted compared to adjacent submarkets. It is extremely difficult to build new product in Napa evidenced by the fact only two market rate apartment properties have been delivered in the past decade with two more projected to be delivered in the next decade. The quality of the property is excellent and we are proud to include it in our portfolio.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $8 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $3.7 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.
About Security Properties
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billon. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.